"We are pleased with the fundamentals of our business as we have navigated the impact of the COVID-19 Closures. Given these closures, we expected a negative impact in the second quarter, however the implementation of aggressive cost-savings measures and the strong demand in our online business, which more than doubled on a pro forma basis versus last year's second quarter, helped to compensate for the retail closures and we were able to achieve EBITDA profitability during the quarter," said Lorne Weil, Executive Chairman of Inspired.
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NEW YORK, Aug. 13, 2020 /PRNewswire/ --
Inspired Entertainment, Inc. ("Inspired") (NASDAQ: INSE) today reported financial results for the second quarter ended June 30, 2020.
Total Revenue and Adjusted EBITDA3 were $15.6 million and $2.1 million in the second quarter of 2020, despite the temporary suspension of the Company's worldwide land-based business resulting from the ongoing COVID-19 global pandemic ("COVID-19 Closures"), mainly due to the aggressive cost containment efforts implemented by management. The Company's total online business across its gaming and Virtual Sports online channels showed strength and resilience in the quarter with revenues increasing by $4.9 million from the second quarter of 2019 on a pro forma basis, demonstrating the growing presence and popularity of the Company's online offerings.
"We are pleased with the fundamentals of our business as we have navigated the impact of the COVID-19 Closures. Given these closures, we expected a negative impact in the second quarter, however the implementation of aggressive cost-savings measures and the strong demand in our online business, which more than doubled on a pro forma basis versus last year's second quarter, helped to compensate for the retail closures and we were able to achieve EBITDA profitability during the quarter," said Lorne Weil, Executive Chairman of Inspired.